NZD/INR may fall 16 - 24 pips

Our pivot point stands at 49.90.

Our preference

Target 49.50.

Alternative scenario

Above 49.90, look for 50.04 and 50.12.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (49.83) but above its 50 period moving average (49.74). Finally, the NZD/INR has penetrated its lower Bollinger band (49.76).

Supports and resistances

50.12 **

50.04 *

49.90 **

49.85

49.74 last

49.58

49.50 **

49.42 *

49.34 **

Number of asterisks represents the strength of support and resistance levels.